Despite the fact that you may wish to repay certain creditors because this is important to you, you are not required to do so. After your debt has been discharged, it is entirely up to you if you wish to repay any outstanding obligations. Once you are in good health, no bankruptcy code will prevent you from filing for bankruptcy if you so choose. However, once you have filed for bankruptcy, you must identify all of your creditors, and any discharged debts will include all or the majority of these.
Your credit rating will improve after filing for bankruptcy, as all of your debts will be discharged. Nonetheless, the fact that you have filed for bankruptcy will remain on your credit report for ten years, which is also detrimental to your credit score.
In general, filing for bankruptcy will not enable you to avoid paying back taxes, although certain procedures may allow you to do so. One method to accomplish this is by filing all tax returns, and all taxes owed must be at least three years old.
Although strictly speaking, bankruptcy can only be filed once in a lifetime, this is not entirely accurate. If you file for Chapter 7 bankruptcy, you can apply again after six years. Filing under Chapter 13 allows you to file more frequently than under Chapter 7, although you cannot have multiple cases open at once.
Although it is possible to file multiple tax returns, doing so is not advisable because it should not become a habit or way of life. This is detrimental to both your credit score and future plans.
It is a grave error to believe that filing for bankruptcy will allow you to avoid repaying all credit card expenses. Judges may view this as an endeavor to defraud creditors. The trustee who will be monitoring your bankruptcy filing knows what to look for and will report any indications of fraud to the judge, so it is unwise to do so.
Filing for bankruptcy is not easy; therefore, it is advisable to consult with a bankruptcy attorney who is familiar with the best procedures to follow in order to make the bankruptcy filing as beneficial to your case as possible.
" - https://www.affordablecebu.com/
